The oil majors are muscling in on the EV charging market

The oil majors are determined that they can replace their upstream refined petrol and diesel revenues by muscling in on the EV charging market. BP’s acquisition of an Israeli fast charging tech firm is the latest in a string of moves by big oil.

This makes perfect sense; they have the forecourt sites already; conveniently located with brands drivers are used to. Replace fuel pumps with fast chargers, add a coffee/Wi-fi/convenience retail offer and those sites stay relevant in the age of declining oil demand.

Margins on selling electricity to EV drivers could be way greater than the thin gruel they make on petrol and DERV. Add solar to the buildings to generate electricity on site and the margins will be huge.